2017 - Main results - Main contents

Source: Council of the European Union (Council) i, published on Saturday, June 17 2017, 1:06.

Banking

The Council i agreed its stance on part of a package of proposals aimed at reducing risk in the banking industry.

The texts relate to the ranking of unsecured debt instruments in insolvency proceedings and transitional arrangements to phase in the regulatory capital impact of the IFRS 9 international accounting standard.

They also provide for a phase-out of provisions on the large exposures treatment of public sector debt denominated in non-domestic EU currencies.

"These proposals set out to help make our banks more resilient to shocks in the light of new prudential standards agreed at international level. We have decided to make these texts a priority and hope the Parliament will be able to start negotiating by the end of this year", said Edward Scicluna, minister for finance of Malta, which currently holds the Council presidency.

Excessive deficit procedure - Economic and fiscal policies

The Council closed excessive deficit procedures for Croatia and Portugal, confirming their deficits have dropped below the EU's 3% of GDP reference value.

As a consequence, only four of the EU's 28 member states remain subject to excessive deficit procedures, continuing the positive trend since 2011.

The Council also approved its 2017 country-specific recommendations to the member states on their economic and fiscal policies.

Meeting information

Meeting n°3549

Luxembourg

16/06/2017

Preparatory documents

Indicative programme - Economic and Financial Affairs Council meeting, 16 June 2017

Background brief

Provisional agenda, Economic and Financial Affairs Council, 16 June 2017

List of A items, legislative deliberations, Economic and Financial Affairs Council, 16 June 2017

List of A items, non-legislative activities, Economic and Financial Affairs Council, 16 June 2017

Outcome documents

Outcome of the Council meeting

Press releases

Croatia and Portugal: Deficits below 3% of GDP, procedures closed

16/06/2017, 12:40

Economic and fiscal policies: Council approves 2017 country-specific recommendations

16/06/2017, 12:30

Banking: Council agreement on creditor hierarchy, IFRS 9 and large exposures

16/06/2017, 11:20

Press information

Press contacts

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+32 22816083

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original article: 'Economic and Financial Affairs Council, 16/06/2017...'

1. Relevant EU dossiers

COM(2015)63 - Green paper "building a Capital Markets Union"

COM(2015)586 - Amendment of Regulation (EU) 806/2014 in order to establish a European Deposit Insurance Scheme

COM(2016)198 - Amendment of Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches

COM(2016)583 - Amendment of Decision No 466/2014/EU granting an EU guarantee to the European Investment Bank against losses under financing operations supporting projects outside the Union

COM(2016)597 - Extension of the duration of the European Fund for Strategic Investments and the introduction of technical enhancements for that Fund and the European Investment Advisory Hub

COM(2016)605-1 - Financial rules applicable to the general budget of the Union amending a number of regulations

COM(2016)658 - Conclusion of an agreement with Norway on supplementary rules in relation to the instrument for financial support for external borders and visa

COM(2016)757 - Amendment of Directive 2006/112/EC and Directive 2009/132/EC as regards certain VAT obligations for supplies of services and distance sales of goods

COM(2016)756 - Amendment of Implementing Regulation (EU) No 282/2011 laying down implementing measures for the VAT Directive

COM(2016)758 - Amendment of Directive 2006/112/EC, as regards rates of VAT applied to books, newspapers and periodicals

COM(2016)755 - Amendment of Regulation (EU) No 904/2010 on administrative cooperation and combating fraud in the field of VAT

COM(2016)811 - Amendment of the VAT Directive as regards the temporary application of a reverse charge mechanism in relation to supplies of goods and services above a certain threshold

COM(2016)852 - Amendment of Directive 2014/59/EU on loss-absorbing and recapitalisation capacity of credit institutions and investment firms

COM(2016)853 - Amending Directive 2014/59/EU as regards the ranking of unsecured debt instruments in insolvency hierarchy

COM(2016)854 - Amendment of the Capital Requirements Directive as regards i.a. exempted entities, (mixed) financial holding companies, remuneration, supervisory measures and powers

COM(2016)851 - Amendment of Regulation (EU) No 806/2014 as regards loss-absorbing and Recapitalisation Capacity for credit institutions and investment firms

COM(2017)292 - Mid-Term Review of the Capital Markets Union Action Plan

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